DAIKIN INDUSTRIES, LTD., The Current Fiscal Year Ordinary Profit Revised Upward by 1%, Exceeded record profit forecast

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Wed Nov 6, 2024 3:30 pm JST Earnings

6367 DAIKIN INDUSTRIES, LTD. 【J-GAAP】

Earnings Report

DAIKIN INDUSTRIES, LTD. <6367> [TSE-P] announced its financial results after the market closed on November 6th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) was 224 billion yen, a 1.4% increase compared to the same period last year.

In addition, the full-year consolidated ordinary profit has been revised upward by 0.5%, from the previous forecast of 390 billion yen to 392 billion yen (compared to 354 billion yen in the previous period), increasing the growth rate from 10.0% to 10.6%. The company has further increased its previous forecast of record profits for the first time in two years.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to grow by 25.8% from the same period last year, reaching 167 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 12.0% from the same period last year, reaching 118 billion yen. The operating profit margin rose from 10.4% in the same period last year to 10.6%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2022	2,019,790	221,654	222,654	156,395	534.3	60.8	Nov 8, 2022	J-GAAP
Apr - Sep, 2023	2,225,154	235,746	221,073	153,004	522.7	62.4	Nov 7, 2023	J-GAAP
Apr - Sep, 2024	2,493,064	246,594	224,168	151,657	518.0	57.2	Nov 6, 2024	J-GAAP
YoY	+12.0%	+4.6%	+1.4%	-0.9%	-0.9%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	2,300,000	243,000	222,000	153,000	522.6	185	May 9, 2024	J-GAAP
Apr - Sep, 2024 Results	2,493,064	246,594	224,168	151,657	518.0	185	Nov 6, 2024	J-GAAP
Revision Rate	+8.4%	+1.5%	+1.0%	-0.9%	-0.9%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	4,540,000	425,000	390,000	267,000	911.9	320	May 9, 2024	J-GAAP
Mar, 2025 New	4,770,000	428,000	392,000	267,000	911.9	320	Nov 6, 2024	J-GAAP
Revision Rate	+5.1%	+0.7%	+0.5%	0.0%	0.0%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	2,170,163	156,391	133,419	107,307	366.6	130	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	2,276,936	181,406	167,832	115,343	393.9	135	Nov 6, 2024	J-GAAP
YoY	+4.9%	+16.0%	+25.8%	+7.5%	+7.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	3,981,578	377,032	366,245	257,754	880.6	240	May 9, 2023	J-GAAP
Mar, 2024	4,395,317	392,137	354,492	260,311	889.2	250	May 9, 2024	J-GAAP
Mar, 2025 Guidance	4,770,000	428,000	392,000	267,000	911.9	320	Nov 6, 2024	J-GAAP
YoY	+8.5%	+9.1%	+10.6%	+2.6%	+2.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,130,439	117,862	106,264	72,746	248.5	10.4	Nov 7, 2023	J-GAAP
Oct - Dec, 2023	1,038,498	70,744	61,040	40,846	139.5	6.8	Feb 6, 2024	J-GAAP
Jan - Mar, 2024	1,131,665	85,647	72,379	66,461	227.0	7.6	May 9, 2024	J-GAAP
Apr - Jun, 2024	1,251,029	115,410	105,193	63,099	215.5	9.2	Aug 6, 2024	J-GAAP
Jul - Sep, 2024	1,242,035	131,184	118,975	88,558	302.5	10.6	Nov 6, 2024	J-GAAP
YoY	+9.9%	+11.3%	+12.0%	+21.7%	+21.7%